Western Mines Group Ltd · ASX:WMG
Western Mines — IMARC Sydney 2026
20 slides from Western Mines's conference presentation, Oct 27, 2026
Slide 1: The Mulga Tank Nickel Sulphide Discovery
WESTERN MINES GROUP al use only THE MULGA TANK NICKEL SULPHIDE DISCOVERY COMPANY PRESENTATION IMARC SYDNEY 27-29 OCTOBER 2026 @westernmines Western Mines Group ASX: WMG www.westernmines.com.au
Slide 2: Disclaimer
DISCLAIMER NATURE OF THIS DOCUMENT This presentation has been prepared by Western Mines Group Ltd ACN 640 738 834 (Company). The information is based on publicly available information, internally developed data and other sources. By receiving this presentation, you acknowledge and represent to the C
Slide 3: A Nickel Exploration Company
A NICKEL EXPLORATION COMPANY WESTERN NICKEL SULPHIDE FAR SUPERIOR TO DIRTY AND EXPENSIVE CHINESE-INDONESIAN LATERITE EXCEPTIONAL FLAGSHIP PROJECT TEAM CAPITAL STRUCTURE Discovery of major komatiite hosted nickel sulphide Explorers and financiers Foundation of the Company al use only mineral system u
Slide 4: Company Overview
COMPANY OVERVIEW DETERMINED | PERSISTENT | FRUGAL | EFFICIENT | PER SHARE DRIVEN | HIGH-QUALITY EXPLORATION 450 400 Share Price Indexed to IPO Price (100) Western Mines Group Ltd ASX:WMG Peer 1 350 $7m IPO 68.6m shares “Nickel discovery, Peer 1 Peer 2 WMG Shares Outstanding 130,371,522 al use only d
Slide 5: Frontier Exploration in a World Class Nickel Province
FRONTIER EXPLORATION IN A WORLD CLASS NICKEL PROVINCE YILGARN CRATON WESTERN AUSTRALIA • One of the world’s major nickel provinces al use only • World-class examples of komatiite-hosted nickel deposits – Perseverance (50Mt @ 2.3% Ni), Mt Keith (643.7Mt @ 0.58% Ni) and Kambalda (35Mt @ 3.1% Ni) MULGA
Slide 6: A New Nickel Belt Emerging
A NEW NICKEL BELT EMERGING MAJOR KOMATIITE NICKEL SYSTEM • Mulga Tank Ultramafic Complex – camp scale opportunity WMG own 100% al use only • Focus to date on has been on the main dunite body • Multiple other dunite bodies along the belt • ~20km strike of interpreted Kambalda-style komatiite channels
Slide 7: RC Programs Define Extensive Shallow Mineralisation
RC PROGRAMS DEFINE EXTENSIVE SHALLOW MINERALISATION FIRST EVER SYSTEMATIC EXPLORATION OF MULGA TANK • 94 RC holes totalling 29,297m drilled so far al use only • Systematic ~200m x 200m and ~100m x 100m spacing to average 320m depth • First 58 holes used in initial Mineral Resource Estimate April 202
Slide 8: Mineral Resource Estimate of 7.2Mt Contained Nickel
MINERAL RESOURCE ESTIMATE OF 7.2MT CONTAINED NICKEL OCTOBER 2026 MRE (JORC 2012) OF SHALLOW OPEN-PITABLE MINERALISATION INDICATED 1,121Mt at 0.28% Ni, 133ppm Co, 90ppm Cu, 19ppb Pt+Pd with S:Ni 1.0 +98% increase versus April 2025 INFERRED 1,526Mt at 0.27% Ni, 130ppm Co, 68ppm Cu, 19ppb Pt+Pd with S:
Slide 9: Largest Nickel Sulphide Deposit in Australia
LARGEST NICKEL SULPHIDE DEPOSIT IN AUSTRALIA… TOTAL RESOURCE 2,647Mt AT 0.27% Ni FOR 7.2Mt CONTAINED NICKEL al use only See Appendix 2 (Slide 20) for further details ASX:WMG Western Mines Group Company Presentation, October 2026 9
Slide 10: ...And Likely Top in the World
…AND LIKELY TOP 10 IN THE WORLD LARGE LOW-GRADE NICKEL SULPHIDE WILL BECOME AND ESSENTIAL NEW SUPPLY OF WESTERN WORLD NICKEL • Largest nickel sulphide deposits in the world: Deposit Contained Nickel (M&I) Ni Grade Producing Company al use only Norilsk-Talnakh (Russia) 11.3Mt 0.75% Yes Nornickel Craw
Slide 11: It's Not Mt Keith – It's a Perseverance-Style Hybrid System
ITS NOT MT KEITH – ITS A PERSEVERANCE-STYLE HYBRID SYSTEM HIGH-GRADE COMPONENT TO MINERALISATION • Processes working to coalesce sulphides and form massive sulphide deposits • Multiple zones of remobilised massive nickel sulphide veinlets, in-situ immiscible globules and sulphide segregations seen i
Slide 12: Shallow High-Grade Results in RC Drilling
SHALLOW HIGH-GRADE RESULTS IN RC DRILLING SEMI-MASSIVE NICKEL-COPPER SULPHIDE IN RC • Higher grade results in the central-eastern area of the Complex • MTRC015: 1m at 1.11% Ni, 516ppm Co, 0.45% Cu, 62ppb Pt+Pd from 172m 3m at 1.32% Ni, 56ppm Co, 0.10% Cu, 34ppb Pt+Pd from 184m 2m at 1.71% Ni, 836ppm
Slide 13: Bigger Picture – The Scale of the System Is Immense
BIGGER PICTURE – THE SCALE OF THE SYSTEM IS IMMENSE DISSEMINATED SULPHIDES OVER >500M INTERVALS • EIS co-funded deep diamond holes MTD023, MTD026, MTD029 and MTRC009 intersected extensive disseminated magmatic sulphides al use only • MTD023: Cumulative 693.5m at 0.28% Ni, 128ppm Co, 61ppm Cu, 27ppb
Slide 14: Globally Significant Nickel Sulphide System
GLOBALLY SIGNIFICANT NICKEL SULPHIDE SYSTEM BRAVE LITTLE COMPANY DRILLING 1,500M DIAMOND HOLES al use only ASX:WMG Western Mines Group Company Presentation, October 2026 14
Slide 15: Geochemical Trends Unlocking Architecture
GEOCHEMICAL TRENDS UNLOCKING ARCHITECTURE TWO HIGHLY PROSPECTIVE BASAL ZONES BEGINNING TO EMERGE • Intersections of “cloud” sulphide potentially vectoring towards sulphide enriched keel and/or feeder vent: • MTD023: 88m at 0.44% Ni, 151ppm Co from 1,212m al use only • MTD027: 96m at 0.40% Ni, 161ppm
Slide 16: EIS Funded Seismic Survey Currently Underway
EIS FUNDED SEISMIC SURVEY CURRENTLY UNDERWAY VISUALISE THE 3D ARCHITECTURE OF THE COMPLEX AND MAP THE BASAL CONTACT • Awarded $300,000 grant in EIS Geophysics Venture 3 round al use only • Proposed ~35km2 active seismic survey over the Mulga Tank Complex • Image the architecture of the Complex and i
Slide 17: Approaching a Re-Rating Opportunity
APPROACHING A RE-RATING OPPORTUNITY COMPLETING A SCOPING STUDY ON THE SHALLOW OPEN-PIT RESOURCE BRINGING TOGETHER SEVERAL WORKSTREAMS OVER THE NEXT FEW WEEKS ü Recent completion of Phase 5 drilling ü Assay results from 32 Phase 4 and 5 holes incorporated into upgraded Mineral Resource al use only ü
Slide 18: Exciting Discovery Opportunity
EXCITING DISCOVERY OPPORTUNITY EXPLORATION PHILOSOPHY • We believe multiple significant nickel deposits will be found at Mulga Tank al use only • We strive to do high-quality technical exploration work • We are frugal to maximise exploration spend and minimise equity dilution • We are per share driv
Slide 19: Appendix 1: Mulga Tank Mineral Resources Estimate
APPENDIX 1: MULGA TANK MINERAL RESOURCES ESTIMATE al use only ASX, Mulga Tank Mineral Resource Over 7Mt Contained Nickel, 26 October 2026 Refer to Western Mines Group Ltd ASX Announcements for relevant disclosures, no material changes to previously disclosed information ASX:WMG Western Mines Group C
Slide 20: Appendix 2: Australian Nickel Sulphide Deposits
APPENDIX 2: AUSTRALIAN NICKEL SULPHIDE DEPOSITS al use only Australian nickel sulphide deposits with total measured, indicated and inferred resources of contained nickel >100Kt Ni Numbers may not add up due to rounding ASX:WMG Western Mines Group Company Presentation, October 2026 20